Industry News

[March 14, 2019]

Lu Global Wins Best Application of Fintech (ASEAN)

SINGAPORE, March 15, 2019 /PRNewswire/ -- Lu Global [1], the online wealth management platform by Lu International [2] (Singapore) Financial Asset Exchange Pte. Ltd. ("Lu International") has been awarded the Best Application of Fintech (ASEAN) by Asia Asset Management. Lu Global is an online wealth management platform enabling access to wealth management products that were previously available to mainly private banking and institutional clients. The platform caters to only accredited investors in Singapore, but a broader range of investors in other Asian markets.

Lu International was established in Singapore in 2017 by Shanghai Lujiazui International Financial Asset Exchange Co., Ltd. ("Lufax"), which operates China's leading wealth management platform Lu.com. Lufax is a member of the Ping An Group ("Ping An").

Lu Global was awarded for its sophisticated technology and strong, reliable security processes. It taps on Ping An's technology, to create an end to end process with minimal human intervention and a data-driven risk management framework. The technology powering Lu Global plays a vital part in ensuring a smooth customer journey on the platform. For customers who download the app, onboarding is entirely digital. For instance, the account opening process can be completed within 11 minutes or less.

Investors benefit from the flexibility of opening an account and conducting investments remotely. Lu Global offers 24/7 online access to a global suite of premium proprietary and third-party investment products at a lower cost. These products are made available in smaller ticket sizes and with shorter investment tenure. The platform is designed to operate on a low-cost basis allowing significant cost savings to be transferred back to the investor in the form of attractive returns.

Research[3] has found that investors increasingly prefer intuitive interactions and efficient solutions which are as easy as placing an order with Google or Amazon. Digital platforms are becoming a norm, as the phone is becoming such a strong interface, so it is only natural for financial services to move towards that too. In response to this need, a growing number of financial institutions in Asia are taking note of investors' appetite for digital services and developing solutions which cater to this market.

Kit Wong, CEO at Lu International commented, "We are very pleased to receive this award, and would like to thank Asia Asset Management and the judges. Lu Global leverages Ping An's and Lufax's legacy expertise in financial investment strategies, customer investment behaviour. It has been designed keeping in mind the customer journey, and we continuously look to enhance the platform further. It has been heartening to see the success so far, with over 150,000 users registered on Lu Global since the launch."

Investors can choose to download the Lu Global app for free on the Apple Store or Google Play and sign-up. For more information, visit https://www.lu-global.com

[1] Lu Global was launched in September 2018 targeted at accredited investors in Singapore and investors in Asia.

[2] Lu International was granted a Capital Markets Services License (CMS) from the Monetary Authority of Singapore (MAS) in July 2017.

Lu International (Singapore) Financial Asset Exchange Pte. Ltd.("LUI") (Co. Reg. No. 201702479G) holds a capital markets services licence issued by the Monetary Authority of Singapore under the Securities and Futures Act (Cap. 289 of Singapore) ("SFA") in respect of its business in the SFA regulated activities of dealing in securities, fund management and providing custodial services for securities, to eligible customers. In Singapore, LUI is licensed to provide services and products to accredited investors and institutional investors as defined in the SFA. LUI is also an exempt financial advisor under the Financial Advisers Act (Cap. 110 of Singapore).

Lu Global is the online wealth management platform operated by LUI. LUI is a member of the Ping An Group, as well as a subsidiary of Shanghai Lujiazui International Financial Asset Exchange Co. Ltd ("Lufax"), which operates China's leading online P2P and wealth management platform Lu.Com. Lu Global is a mobile investment and wealth management platform operated out of Singapore. It offers 24/7 online access to a wide range of high quality investments. Lu Global offers investors the opportunity to invest easily with small investment amounts, and with low commitment period. Investors have the ability to invest with maximum flexibility while still being able to benefit from attractive returns. For more information, visit https://www.lu-global.com

The information on this site is not directed at residents of United States persons and is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

About Lufax

Shanghai Lujiazui International Financial Asset Exchange Co., Ltd. ("Lufax"), operates China's largest online platform for wealth management and financial assets exchange, connecting investors to borrowers with a robust credit risk scoring. Through its best-in-class technology, broad set of financial products and industry-leading risk management, Lufax has revolutionized the way individuals, companies and financial institutions in China invest, lend and borrow money. Last year, total transaction volume on Lufax platforms grew 10 times to more than US$43.3 billion. As of June 2018, Lufax has 36,840,000 registered members and 9,900,000 active investors. For more information, please visit www.lu.com

About Ping An

Ping An Insurance (Group) Company of China, Ltd. ("Ping An") is a world-leading technology-powered personal financial services group. With 170 million customers and 459 million Internet users, Ping An is one of the largest financial services companies in the world. Under its 'pan financial assets' strategy, the company offers customers insurance, banking and asset management through its 'finance + technology' platform. Under its 'pan healthcare' strategy, the company uses a 'finance + ecosystem' platform to offer Internet users five ecosystems, covering financial services, healthcare, auto services, real estate services and Smart City services. Ping An is committed to investing in innovative technologies in fintech, AI and cloud to provide customers and Internet users with innovative and simple products and services. As China's first joint stock insurance company, Ping An Group is committed to upholding the highest standards of corporate reporting and corporate governance. The company is listed on the stock exchanges in Hong Kong and Shanghai. Ping An ranked 10th in Forbes' 2018 Global 2000, and it ranked 29th in Fortune Magazine's 2018 Global 500 Leading Companies. Ping An also ranked 43rd in 2018 WPP Millward Brown's BrandZTM Top 100 Most Valuable Global Brands. For more information, please visit www.pingan.cn

Web-scale Networking

The idea of Web-scale IT is more than just another 'hot' buzzword or problematic disruption. What started with data center operators has become mainstream thinking in large enterprises, and it's now driving changes in service provider operations, as well. Web-scale tools that allow application development to move quickly have also created some challenges for service provider networks.